I was having an interesting discussion with a Senior friend of mine, with varied experience in IT industry and now in a very responsible role.
I was iterating on the use of different process models to manage projects. Water Fall method, V Model etc. PMI Framework. CMMi. Six Sigma, ISO 9001-2000 etc etc.
He shut me up with three words. "Common Sense Process".
With common sense, we can control cost, and based on the cost customer wants to pay, we can customize features and deliver projects, without giving all the mumbo jumbo.